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of change in washington. the old guard of the republican party seems to have lost its authority and maybe its mind. now the young guns in the party are taking center stage. who are these new stars? we're going to fill in the blanks just ahead. please don't forget free market capitalism is the best path to prosperity. it is business, not the government or the federal reserve that ultimately creates those jobs. i'm kudlow. we'll be right back. ♪ than the sun ♪ tonight carfirmation. only hertz gives you a carfirmation. hey, this is challenger. i'll be waiting for you in stall 5. it confirms your reservation and the location your car is in, the moment you land. it's just another way you'll be traveling at the speed of hertz. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> so there's a new group of leaders emerging f
out of its funk finally. but leadership change in china. there's a lot of changes going on that are making people nervous and when they are nervous and they are looking for stability they are finding it here >> you're a very widely followed strategist so i have to ask right at the beginning here where do we go from here? what's your strategy? >> well, i think the trick to this bull market has been just not to get thrown off it. i mean there's been some pretty nasty corrections in 2011, there was a 19% decline. but i've been sticking with it because like you i've been focusing on profits and companies have done a great job of creating profits and this notion that it's all come at the expense of workers, i think maybe initially it did but you are starting to see employment pick up. and a lot of the weakness was really in the housing related areas and we're getting a second recovery. housing has been lagging behind and it's now recovery. usually it leads the recovery. right there from the get go, real gdp has been at a record high. >> you're basically, you're diverse. >> i'
much some things have changed. not all for the better. kayla is joining us with that angle. >> back then october 9,2007 solya boy was at the top of the charts and the final harry potter book at the top of the shelves. for drivers there was less pain at the pump. what you were spending on gas you could be saving on your mortgage. the rate on a 30 year fixed as come down. students and parents back then were paying in cash for college. more than doubles to over $1 trillion. national debt nearly doubling as well. a number that has swelled to nearly $17 trillion. one rise that has been good for consumers shares of apple closing up 226% from the 2007 level. the company has launched five iphones and the ipad. >> five iphones and the ipad. the market bursting through walls of worry today to get to the record high. mandy has what the dow overcame. >> he has three more stocks you should know about. back in a moment. everyone's retirement dream is different; how we get there is not. we're americans. we work. we plan. ameriprise advisors can help you like they've helped millions of others. to h
tonight call it deficit dinner diplomacy. president obama has changed his strategy and now meeting with key republican senators and house members, finally a falling of the political ice and rolling up of the sleeves in washington. you know what? i say this is a very positive development. it's a good new strategy for the president and i give all the credit for it in the world. now, we'll see what it brings. speaking of positive, another record high close for the dow and key economic data points looking positive. the market rally is not all about ben bernanke's fed. both profits and economy are doing better than many expected. i'm playing this from the optimistic side. there's no debate about the economic impact about america's booming energy sector. last two reported months we kicked saudi month in oil production. american ingenuity strikes again. >>> first up this evening in search of the big budget grand bargain president obama is take agnew approach in dealing with the gop inviting them over for lunch and dinner and picking up the tab. john harwood joins us now with all the detai
was an astonishing 7.2%. there you can see the three-month change has moved from minus 30 percent to plus 45.6%. abigail i cite this because first of all business investment is crucial to growth. second of all, it's having a tremendous comeback in the last six months and third of all it could be a great job creator, what's your take? >> i agree with you. these are excellent numbers. if you take it back to november, the growth is actually 9.3% for the highest growth in many, many years. this is clearly a positive for the economy. i think if you put this together with pending sales, case-shil r case-shiller, i think there are some warm spots in the economy. we're seeing some improvement. on the other hand, we have the mediocre job perform manages. ism is in a down trend. the all important velocity of money. >> i intend to agree. isn surprised everybody. andy cross, one thing i want to note though. we have this sort of disconnect between profits and jobs. okay. i get that. now if these capital investment numbers continue, this is so important, i think, to the stock market. it means profits wil
changes. at this point, the committee judge said no adjustment was warranted. >> so, they can vary the purchases if the economy looks better and he has all the labor market indicators, i thought he was putting us on warning that he may not do $85 billion every month this year. >> well, i think, larry, i think you are right. previous statements said that they were going to separate the bond purchases from money policy. but today he was more specific and you hit it right on the head and you introduced the sustainability quote. it seems to me that that was establishing a criteria that we have not heard quite that -- quite as specifically before. >> i'm not saying that they will change the zero interest rate target. but i'm saying, let me go to my pal, tony fratto, i heard him say that he could slow down the bond purchases that means create less money if the economy continues to grow. >> i think that's right. we are seeing that kind of transaction in the he economy, and the chairman was clearly signaling that. he was trying to signal it with the 6.5% target as a place to look down the
generous and compassionate people who root for the underdog. the stripe of the underdog changes over the course of time. i think we should be looking at who the underdog is, not a particular class or race of people. so, for instance, if my son is applying to yale, and the son of a coal miner from west virginia is applying and his father got killed in the mines when he was 5 and he's been working all this time and he still has a very decent academic average, yes, i'd give him a leg up. >> dr. carson, you're talking about maybe you weren't interested in a senate race in michigan. as you know, there are people out there who have you waiting for your first trip to iowa or new hampshire to run for president. is your message for all those folks who are dying to get you into political office, stand down. it's not going to happen. i'm going to have a tv career. i'm going to be giving speeches. is that your message to them? >> my message is that i am not planning a career in politics. >> that sounds like a politician saying that, though. are you saying that definitively you're not going to ru
auto policy had to include wiper blades and changes. for the first time most states are going to be putting the seriously old people with pre-existing conditions into the same pool with everybody else. they used to be in high-risk pools. 5% of people consume 49% of health care. that's how skewed the --? they broke up state pool to do this. as i tell you, plus 62% costs in california. plus 80% in ohio. plus 20% in florida, plus 67% in maryland. there's 35 to 30 million people that will wind up paying for this and out of their pocket. this will create a national revolt against obama care and against the white house. against health care, against everything. >> i am shocked and bewildered that you all are complaining and decrying obama care which has not kicked in yet and saying that that is the reason why everyone's health insurance premium is going up. here's what i do know. >> just one point. i'm not just making this up. this is a decent actuarial survey. >> it's slightly flawed, but yes. and the secretary of health and human services, kathleen sebelius said yes. she said yes,
. one, there's been a huge sea change in washington. the republicans are standing up to president obama. i don't think we're going to see any more tax increases. we're going to get a slow doub in the rate of government spending. that means less government, more private sector investment. i think that's very bullish. i think the market's sensing that. the second thing is i think we've hay tremendous increase in the power of the balance sheet of american corporations the last four years. they've had to get through the recession. they've had to fight through a hostile washington. if you look at the tangible book value you look at the things of goodwill to the s&p 500, it's up 80% since 2008 -- >> this is really -- you're going beyond kudlow. i argue that profits are the mother's milk of stocks. you're saying cash flows also are the mother's milk of stocks. you're saying pristine balance sheets are the mother's milk of stocks -- >> oh, larry -- >> -- and all that working and all those good reasons, not cheap money by the fed but all these good reasons are driving the market. >> absolutely.
family, abandoned all the trappings, lived a simple life and brought great change to the church at a time when it was in dire need. >> the vatican said you need to make some major changes. here we have former conference of catholic spokeswoman now with the family research council and with us for the full hour lanny davis and michael steele. kathy thank you for this. i want to ask a couple of things. before i get to whether he's going to be an evangelist or whatever the vatican has major problems. the vatican bank has major problems. the church has not cleaned up these sex scandals. as someone who is a weekly church gore these things trouble me enormously. how will he handle it? >> it sounds like he's a good administrator. he's respected for the work he's done in his archdiocese in buenos aires. people have high hopes this will be a pastor that's most important of course but a good manager and frankly a good reformer if these things need reform inside the vatican. >> lanny, a lot of things i want to get to away from the field of management. we're talking about a pope. everybody that i talk
't deliver as many homes. we have guided for strong numbers for the year. we haven't changed the revenue number for the whole year. but we're going to be back-end loaded with revenue this year. and so the first quarter, while disappointing, i think we were able to explain it. and we look great for the balance of the year. >> i mean, toll's stock kind of lags the index, the s&p index for home builders. is that because you don't deliver fast enough, or you don't complete fast enough? how do you explain the fact your stock lags the index? >> well, it may lag a little right now. we've had a great run, as all the builders have had. and i think we're fine. i think in a good market, we have always driven price. it's a lot easier to take a $700,000 house to $900 in a great market. because our buyers don't have mortgage issues. they have -- usually have a lot of equity. so i think we're in good shape. i think maybe after the first quarter we sold off a little bit. but i think we're just fine. i'll take where we are, and i love where we're headed. >> all right. so you buy into the recovery. what a
they keep changing the definition of inflation. if you took inflation the way they read it in 1980 we would be running at 56.5% inflation right now. you look at food costs, gasoline cost, consumers. they are getting hit by inflation. if you look -- >> prices are falling. >> larry -- >> some prices are falling. >> if you look at the consumer spending rating in the last measure most money went to gasoline and consumer discretionary -- >> that's going to go away. that gasoline spurt was a little refining spurt. has no meaning. it's going to go away. one thing it's funny me defending bernanke, i know this is very weird. i just want to say when he said in front of congress he looked at the inflation rate under his at the entrepreneur and it was 2%. i looked at it too, that he was telling the truth. and i've also been persuaded by friend of mine to take a look with the velocity and turnover of money falling, the m-2, 7% not a big number. i think inflation is the most overrated item there is and that's good for the dollar and that's good for the stock market. that's what i'm saying. >> larry he wa
states. you're right. we're changing the rules of the game. i get that. but why not? in terms of a market-based policy, which is sounder, art hogan. after all, in the 19th century, before we had all deposit insurance, when you deposited a buck in a bank, that was a credit investment. you had to be sure you would get your buck back. we now assume everything is going to be guaranteed and shouldn't be guaranteed. >> right. you also had to assume that bank was going to make a credible loan with that. cyprus didn't happen this week. cyprus has been a problem for years. we've taken too long to fix the problem, but, you know, this weekend we came to our senses and said you can't have a bank or a financial systems seven times as large of a gdp, tiny island making terrible loans. i think, thank god, to your point, we didn't put a levy on insured investors. that would have broken the financial system. i think that would be chaos. i think the template has been set up and now we can try to take the next step and the next step is a fiscal unity in europe which is needed. and the only way you're going
changes its approach. you will have more growth or less? >> take a look at the down side. you talk about yields. >> i have to get out. >> seniors have a yield problem now. >> you're right. there is a lot of down side. it doesn't patter. he isn't going to change his policy. he may not change in my lifetime. i can tell you there is no way. he made it clear. he made it clear last week as the spending cut sequester was put into place. that's called a fed safety net. he's now safety netting the sequester, the economy, the world economy, china, japan, everything. that's real power. seema, thank you very much. i appreciate it. >>> here's a question. is the justice department giving big bankses a free pass? we have the latest on an inquiry into the too big to jail controversy. first here's what our friends at "saturday night live" have to say about the worst of the supposedly painful sequester. >> we are all going to feel the pain from these cuts, even in the white house. from now on my wife michelle will only do -- uh, four television appearances a week. down from her usual 75. (music throughou
are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls below the insurance threshold. even though in theory it was supposed to be 100% guaranteed by the state. that turned out to be so controversial they are second-guessing themselves and reconsidering. a few hours ago the minister put out a statement saying they thought the smaller depositors should be protected. that doesn't mean they will, however, because cyprus has to figure out some way to contribute to this bailout. they would have to tax the biggest depositors, the russians even more than the 10%. they are worried about doing that. in the meantime, we are waiting to see whether cyprus banks will ever open this we
change. you're saying russia will take that. they'll probably have to have a 25% tax on those deposits. >> if those deposits -- if those deposits get hit at a 40% clip, it will create a massive contagion over the next six months over the eurozone. i hope the russians fill that gap. >> $2.5 billion is nothing for russia. they could still go on the boards of these banks, still get rights to the natural gas. what i'm saying is what happened to russia in the last 24 hours? >> they have been -- i've heard so many different stories in terms of gas sales and even going after the pensions inside cyprus. so much the russians have been very mysterious, there's been several meetings behind the scenes. i've been blogging about this on my web site. nobody really knows what the russians are doing. >> the basic call is they're going to make a deal, the deal will be made this weekend and banks be open for business early next week. is that right? >> absolutely. i think the ecb will back down. >> great call. we'll have you back again on monday if you're right. larry mcdonald, very brave call. you guys a
. you have these budget accounts and you have subaccounts and you can change the funding you can reallocate the priorities, you can affect the timing. in other words, jimmy, why can't people say this is going to be done gradually over a longer period of time which is, in fact, the truth? why do we have to have the scare among eri mongering. >> it is the truth. there's a lot of discretion, you can cut sort of the administrative budgets first and then work your way to the operations budget. i think this is a great opportunity for democrats to show, guess what, they can run government, run it lean, show they could actually run something before they decide to try to run 20% of the american economy. this is a nice proof of concept that democratic governance can be efficient. here, go run the government for the discretionary spending for less money and have the country not fall apart. a wonderful challenge. >> all right, jared, think of this. you all spend about $1 trillion in government spending stimulus back in 2009. that didn't work. now you want to take out -- now the whole congres
and the portfolio did not act as a hedge, it changed dramatically. we misunderstood the risks. we misunderstood the complication in it. we ultimately misunderstood what the estimated performance of it would be. so in hindsight we got that wrong. >> reporter: late in the day official from the office of the controller of the currency also took a stand painting a picture of an arrogantly managed bank whose executives including jamie dimon told it to effectively mind its own business at times. >> that's unacceptable premise that the bank decides what information is provided to the occ and our auditors. >> reporter: a bad day for jpmorgan. >> all right. many thanks kate kelley. look me make a quick take on this. i have nothing against risk taking or hedging or big profits or great compensation. no problem. but, big banks like j.p. morgan are not real free enterprise companies where risk wos be borne by investors. j.p. morgan is essentially a government-run utility. it's backed by taxpayer money because it's too big to fail. that is not free market callism. and taking big risks with taxpayer money is
the oracle of omaha. i understand to be quite bullish. which is a nice change of pace from a lot of what i pear aheard all the time. and i think he is richer and better than guys i hear from. i'm jim cramer and i will see you monday. >>> good evening everyone i'm larry kudlow. this is "the kudlow report." the budget cutting sequester is on but not before president obama takes the national stage one more time to bash republicans to refuse to take any personal responsibility and play to the nation's worst economic fears. i have to disagree with him. for me lower spending and limited government are good for economic growth. i wish there were deeper cuts for a stronger free enterprise economy. but even before the sequester really starts it looks like the only ones panicking are in the government. the ap is reporting the fed released 2000 illegal detainees in february. now there are plans to let another 3,000 go. supposedly to cut costs in the face of the sequester but no one not even janet napolitano is taking any responsibility for the decision. and how did markets respond to the sequester de
pot shots at the republican party. >> he did said the republican party has to change and trying to lead the change on foreign policy, talking about smaller foreign policy, less foreign intervention, but he really got conservatives excited, talking about reform, and a lot of people in the party are not eager to reform the party at all. >> any question in your mind, he's a presidential candidate? >> i spoke with rand paul over breakfast earlier this week, and he hasn't announced for anything, but it seems like he'll be heading to iowa and new hampshire pretty soon. >> did marco rubio talk about immigration? what did he talk about? >> he stayed away from immigration, which i found surprising and had a big picture theme in his speech. talking about how the republican party has great principals and time for the party to return to principles and not too concerned in the post-romney era. >> robert, stay with us, please. joining us, north dakota senator john holvin. he was in the obama meeting and still with us, steve, jim, and don. thank you very much. let me just start out, a lot of t
, changed in ways. adds $85 billion additional cuts, counting in the sequestration but slashes the social safety net, and protects the tax breaks. >> all right. steve scalise, ask you the same question about a possible grand design compromise. with this add-on. suppose we put the obamacare repeal aside for the moment. it ain't going to happen in the near future. however, a lot of ways to reform entitlemen entitlements. even president obama has some ways. the only people that don't want to reform entitlements are senate democrats. is a grand design possible, in your judgment? >> it's definitely possible. and i think if you look at what people are expecting us to do, is to actually put a budget out there that finally does get to balance and i think that's what's so important with this document is that this budget, it's visionary for a lot of reasons. and it focuses on getting the economy moving again, which has to be a component of any -- design. >> if i may. look, he acknowledges -- it's going to come up in the second tape. if you take out the obamacare repeal, which is not going to happen
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